Question

In: Accounting

Apple’s balance sheet for the most recent fiscal year yields the following information related to accounts...

Apple’s balance sheet for the most recent fiscal year yields the following information related to accounts receivable:

Accounts Receivable $17,932,000,000

Allowance for Doubtful Accounts 58,000,000

Accounts Receivable, Net $17,874,000,000

Provide several sentences to describe the meaning of each line item and related dollar amount shown above for Accounts Receivable, Allowance for Doubtful Accounts, and Accounts Receivable, Net.

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Expert Solution

Account receivable: $17,932,000,000.

It means the business has total accounts receivable of $ 17,932,000,000 on account of goods or services provided to different vendors. These are the amounts which is booked in the books of accounts at the time invoices issued or services/goods provided.

Allowance for doubtful accounts: $58,000,000

This is the balance of all those accounts which the company considered doubtful to be recovered. This amount relates to all those balance which are recoverable but considered as doubtful on account of some dispute. This amount included in above account receivable of $17,932,000,000.

Account Receivable net: $ 17,874,000,000

This is the balance which company shows in books as receivable and considered good. This is the net amount of total amount receivable after considering allowance for doubtful debts. Main purpose of providing allowance for doubtful debts is to find out a correct position of comapny's account receivable.

ekkarill92 answered 2 years ago
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